Best TSX Gold Stocks of 2024: Top 5 Performers Revealed

2024 proved to be a landmark year for best gold stocks listed on the TSX. After beginning the year at approximately US$2,040 per ounce, gold surged to an unprecedented high of US$2,787.04 on October 30. This remarkable climb was fueled by multiple catalysts: steady central bank accumulation from China, India, and Middle Eastern economies; a 50 basis point rate cut from the US Federal Reserve in September followed by another 25 basis point reduction post-election in November; and strong investor demand for safe-haven assets amid geopolitical tensions spanning the Israel-Hamas conflict and Russia-Ukraine war.

Within this bullish backdrop, five TSX-listed equities emerged as best gold stocks based on their exceptional year-over-year gains. Let’s examine which companies captured the lion’s share of returns.

Perpetua Resources: High-Growth Best Gold Stock for Development Stage

Year-to-date performance: +211.08%
Market capitalization: C$918.64 million
Stock price: C$13.19

Perpetua Resources stands out as the best gold stock performer among development-stage producers, advancing its Stibnite gold-antimony project in Central Idaho with substantial US government backing. The project—situated in a historic mining district dating to the 1900s—is positioned for a construction decision in 2025.

The company’s November 2020 feasibility analysis outlined compelling economics: an after-tax net present value of US$1.9 billion at an assumed gold price of US$1,850 per ounce, a 27.7 percent internal rate of return, and a 2.5-year payback period. Over the mine’s 15-year lifespan, Perpetua projects recovery of 4.28 million ounces of gold—averaging 301,000 ounces annually—alongside significant antimony reserves of 205.89 million pounds.

Critical momentum arrived in early September when the US Forest Service authorized the mining plan and finalized the environmental impact statement. The final approval is expected by year-end. Additionally, the company secured US$34.6 million in Defense Production Act funding in February and priced its US public offering at US$10.17 per share in November for US$35 million to fund engineering and long lead-time materials. This best gold stock reached a yearly peak of C$14.97 in mid-November.

G2 Goldfields: Best Gold Stock for Early-Stage Resource Expansion

Year-to-date performance: +165.33%
Market capitalization: C$483.26 million
Stock price: C$1.99

G2 Goldfields represents another best gold stock choice for growth-oriented investors, leveraging management’s prior success in discovering and developing Guyana’s largest gold mine. Following its TSX graduation from the TSXV in April, G2 has rapidly expanded its Oko-Aremu flagship project in Guyana’s Cuyuni mining district.

In April, G2 released an updated resource estimate showing a 320 percent increase in indicated resources to 922,000 ounces and a 69 percent jump in total contained gold to 2 million ounces. By September, the company expanded its land package to 58,000 acres by acquiring additional exploration rights, incorporating historic gold occurrences never subjected to modern exploration techniques.

The drill program has delivered impressive results, with the most recent November 18 update reporting assays of 2.9 g/t gold over 114 meters, including a higher-grade intercept of 5.3 g/t over 51.4 meters. G2 plans to release an updated resource estimate in Q1 2025. This best gold stock peaked at C$2.30 in late October.

IAMGOLD: Best Gold Stock for Established Production and Scale

Year-to-date performance: +128.48%
Market capitalization: C$4.27 billion
Stock price: C$7.54

IAMGOLD qualifies as the best gold stock for investors seeking established production with multi-asset diversification. Operating three mines across Burkina Faso and Canadian provinces, IAMGOLD has built a substantial production footprint.

The Essakane mine in Northeast Burkina Faso, which commenced operations in July 2010 (with a 2013 expansion), is forecast to produce 2.4 million ounces through 2028 across its Main Zone and satellite pits. The Westwood mine in Southwest Québec began commercial production in July 2014. Most significantly, IAMGOLD’s Côté Gold mine in Ontario reached commercial production (60% capacity) in early 2024. The company repurchased a 9.7 percent stake from Sumitomo Metal Mining in December 2023, raising its ownership to 70 percent.

By Q3, Côté had produced 68,000 ounces on a 100 percent basis and 103,000 ounces since year-start, with expectations to achieve 90 percent throughput by year-end. The company reported combined Q1-Q3 production of 329,000 and 99,000 ounces from Essakane and Westwood respectively—both showing significant year-on-year growth. This best gold stock reached C$8.52 in October.

Mineros: Best Gold Stock for Latin American Exposure

Year-to-date performance: +118.46%
Market capitalization: C$385.23 million
Stock price: C$1.42

Mineros emerged as the best gold stock for investors targeting Latin American mining operations. The mid-tier producer operates the cyanide- and mercury-free Nechi alluvial mine in Colombia and the Hemco operations (Panama and Pioneer mines) in Nicaragua.

Nine-month 2024 production reached 159,056 ounces, down 16 percent from 188,730 ounces in the comparable 2023 period due to discontinued Gualcamayo operations in Argentina. However, core operating assets posted a 1 percent production increase year-over-year to 157,669 ounces. Mineros is positioned to add 44,700 annual ounces upon commissioning the Porvenir satellite deposit at Hemco in 2027.

In November, Colombian financial regulators approved a public tender offer from Sun Valley Investments (which currently holds 24.9 percent) to acquire 8.5 to 10.63 percent of shares via the Colombia Stock Exchange. This best gold stock attained a yearly high of C$1.49 in late November.

Jaguar Mining: Best Gold Stock for Brazilian Development and Growth

Year-to-date performance: +104.97%
Market capitalization: C$293.44 million
Stock price: C$3.71

Jaguar Mining rounds out this group as the best gold stock for investors pursuing Brazilian development potential. The company operates gold complexes near Belo Horizonte in Minas Gerais, with the MTL complex hosting the Turmalina mine and processing facilities alongside the advanced-stage Faina project.

A December 2023 resource estimate for Faina identified 233,000 ounces in measured and indicated resources at an average grade of 5.08 g/t gold, plus an inferred 232,000 ounces. The company is accelerating Faina development to improve ore definition, with production from stoping expected to climb to 15,000 metric tons monthly by early 2025 and reach full capacity of 25,000 metric tons by 2026. Q3 ore processing recovered 414 ounces at rates exceeding expectations.

The Caete complex, housing the Pilar mine and processing plant, delivered 10,433 ounces in Q3 2024 versus 8,787 ounces in Q3 2023. First-half 2024 access development at Pilar’s BA zone progressed with 374 meters completed, yielding 4,032 ounces at 4.64 g/t from 30,547 metric tons processed. Nine-month 2024 total production was 49,918 ounces (compared to 52,222 ounces in 2023), with a 16 percent ore reduction offset by 24 percent higher head grades. Development meters increased to 4,622 from 3,837 year-over-year. This best gold stock peaked at C$5.69 in September alongside the gold price rally.

Investment Takeaway: Finding Your Best Gold Stock

The best gold stocks to emerge from 2024’s bull market span the full development spectrum—from exploration-stage plays like G2 Goldfields through established producers like IAMGOLD. Investors seeking best gold stock exposure should consider their risk tolerance, geographic preferences, and production timeline expectations when evaluating these TSX equities. The combination of central bank buying, low interest rates, and geopolitical uncertainty continues supporting the gold sector heading into 2025.